Bitcoin (BTC) continued to struggle below the $50,000 resistance level on Thursday.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.
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